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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 03363684 (England and Wales) REGISTERED CHARITY NUMBER: 1064202

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Keighley Community Nursery Ltd.

Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS

Keighley Community Nursery Ltd.

Contents of the Financial Statements for the Year Ended 31 March 2024

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Statement of Financial Position 6
Statement of Cash Flows 7
Notes to the Statement of Cash Flows 8
Notes to the Financial Statements 9 to 15
Detailed Statement of Financial Activities 16 to 17

Keighley Community Nursery Ltd.

Report of the Trustees for the Year Ended 31 March 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The main objectives of Keighley Community Nursery Limited is to provide childcare for families in the Keighley and surrounding area.

The main activities of Keighley Community Nursery are nursery day-care for children aged 0 to 5 years, before and after school care for children aged 3 to 11 and holiday club day care for children in the Reception year of Primary school.

The Trustees have considered the guidance in Section 4 of the 2006 Charities Act and consider that the activities of the charitable company are for the Public Benefit as they are open to families from all backgrounds.

Public benefit

The charity's public benefit is providing facilities for the daily care, recreation and education of children who are below compulsory school age or who are of compulsory school age during out of school hours and holidays to children in Keighley and the surrounding areas.

The charity has regarded the Charity Commission's guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The nursery had accumulated reserves of £172,529 as at 31 March 2024. During the year to 31 March 2024 there was a surplus of £21,870 (2023: a surplus of £23,461).

The surplus arose primarily due to an increase in fees received during the year to 31st March 2024.

The nursery remains sustainable with a substantial waiting list, remarkably few complaints received over the last 12 months and a robust continuous professional development program for staff is in place and ongoing.

FINANCIAL REVIEW

Investment policy and objectives

There are insufficient free reserves for long-term investment. The Trustees are satisfied that the gross interest applicable to the business account with the National Westminster Bank is satisfactory.

Reserves policy

The Trustees feel that it is reasonable to try and maintain unrestricted reserves equivalent to 3 months expenditure (£128,775) which are held to protect the organisation against the uncertainties of both trading and funding. At the year end reserves were £172,529 (2023: £150,634), which satisfies the Trustees' target.

FUTURE PLANS

The nursery aims to maintain minimum cash reserves of £100,000, with any surplus spent on further improving the quality of care provided as well as maintenance and improvements to the nursery building.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 1

Keighley Community Nursery Ltd.

Report of the Trustees for the Year Ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

The Memorandum and Articles of Association require the Trustees to be re-elected at the next Annual General Meeting.

To retain the original ethos of the organisation, the trustees will endeavour to ensure that new members are recruited primarily from service users, particularly the parents, as well as ensuring that relevant skills are represented e.g. business, finance, childcare, human resources.

Organisational structure

Keighley Community Nursery Limited Board of Trustees must consist, accordingly to the Articles of Association at least 3 members with no maximum number. The Management Committee meets 5 to 6 times per year.

Induction and training of new trustees

Following election new Trustees will be provided with the relevant information regarding the history, structure and governance of the Company as well as the financial position and strategic priorities.

In addition, new Trustees will be referred to relevant training courses for Committee Members that are available through the Joint Training Board.

Related parties

Keighley Community Nursery's service delivery is consistent with the aims of the National Childcare Strategy and the Every Child Matters agenda.

Keighley Community Nursery has strong links with Bradford Early Years and Childcare Service, Sure Start Keighley, as well as with Local Schools, Colleges, Social Services and other professional agencies.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

03363684 (England and Wales)

Registered Charity number

1064202

Registered office

Braithwaite Grove Keighley West Yorkshire BD22 6JB

Trustees

L Powell M Hall S L Greenwood - chair R A Balson E L Garnett N Dent

Independent Examiner

Richard J Hudson FCA Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS

Page 2

Keighley Community Nursery Ltd.

Report of the Trustees for the Year Ended 31 March 2024

REFERENCE AND ADMINISTRATIVE DETAILS Bank

National Westminster Bank Plc 63 North Street Keighley West Yorkshire

Approved by order of the board of trustees on 12 November 2024 and signed on its behalf by:

S L Greenwood - Trustee

Page 3

Independent Examiner's Report to the Trustees of Keighley Community Nursery Ltd.

Independent examiner's report to the trustees of Keighley Community Nursery Ltd. ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Richard J Hudson FCA

Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS

12 November 2024

Page 4

Keighley Community Nursery Ltd.

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
1,570
Charitable activities
4
Charitable activities
250,104
Nursery Fees
283,359
Other trading activities
3
805
Total
535,838
EXPENDITURE ON
Raising funds
5
260
Charitable activities
6
Charitable activities
512,457
Other
1,247
Total
513,964
NET INCOME/(EXPENDITURE)
21,874
RECONCILIATION OF FUNDS
Total funds brought forward
150,634
TOTAL FUNDS CARRIED FORWARD
172,508		 Restricted
funds
£
-
1,132
-
-
1,132
-
1,136
-
1,136
(4)
25
21		 31.3.24
Total
funds
£
1,570
251,236
283,359
805
536,970
260
513,593
1,247
515,100
21,870
150,659
172,529		 31.3.23
Total
funds
£
1,936
254,079
228,991
3,306
488,312
353
462,514
1,984
464,851
23,461
127,198
150,659

The notes form part of these financial statements

Page 5

Keighley Community Nursery Ltd.

Statement of Financial Position 31 March 2024

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
13
6,212
CURRENT ASSETS
Debtors
14
19,196
Cash at bank and in hand
159,336
178,532
CREDITORS
Amounts falling due within one year
15
(12,236)
NET CURRENT ASSETS
166,296
TOTAL ASSETS LESS CURRENT
LIABILITIES
172,508
NET ASSETS
172,508
FUNDS
16
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
21
-
-
-
-
-
21
21		 31.3.24
Total
funds
£
6,233
19,196
159,336
178,532
(12,236)
166,296
172,529
172,529
172,508
21
172,529		 31.3.23
Total
funds
£
6,723
15,297
134,047
149,344
(5,408)
143,936
150,659
150,659
150,634
25
150,659

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 12 November 2024 and were signed on its behalf by:

S L Greenwood - Trustee

The notes form part of these financial statements

Page 6

Keighley Community Nursery Ltd.

Statement of Cash Flows for the Year Ended 31 March 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Finance costs paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.24
£
27,268
(981)
26,287
(998)
(998)
25,289
134,047
159,336		 31.3.23
£
17,691
(985)
16,706
(373)
(373)
16,333
117,714
134,047

The notes form part of these financial statements

Page 7

Keighley Community Nursery Ltd.

Notes to the Statement of Cash Flows for the Year Ended 31 March 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.3.24 31.3.23
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 21,870 23,461
Adjustments for:
Depreciation charges 1,488 1,550
Finance costs 981 985
Increase in debtors (3,899) (3,658)
Increase/(decrease) in creditors 6,828 (4,647)
Net cash provided by operations 27,268 17,691

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand 134,047 25,289 159,336
134,047 25,289 159,336
Total 134,047 25,289 159,336

The notes form part of these financial statements

Page 8

Keighley Community Nursery Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 15% on reducing balance Fixtures and fittings - 25% on reducing balance

Toys are written off in full in the year of purchase as their useful life is typically less than one year.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 9

Keighley Community Nursery Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

2.
DONATIONS AND LEGACIES
Donations and other income
3.
OTHER TRADING ACTIVITIES
Fundraising
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Charitable activities
Fees
Nursery Fees
Grants received, included in the above, are as follows:
Bradford Council NEF
Milk Grant
5.
RAISING FUNDS
Raising donations and legacies
Publicity
Fundraising costs
6.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
note 7)
£
Charitable activities
499,061		 31.3.24
£
1,570
31.3.24
£
805
31.3.24
£
251,236
283,359
534,595
31.3.24
£
250,238
998
251,236
31.3.24
£
-
260
260
Support
costs (see
note 8)
£
14,532		 31.3.23
£
1,936
31.3.23
£
3,306
31.3.23
£
254,079
228,991
483,070
31.3.23
£
252,995
1,084
254,079
31.3.23
£
70
283
353
Totals
£
513,593

continued...

Page 10

Keighley Community Nursery Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

Staff costs
Nursery supplies and food
Repair and refurbishment
Sundries
Cleaning costs
Telephone, stationery and office
Minibus expenses
Bad debts
Depreciation
8.
SUPPORT COSTS
Other resources expended
Charitable activities
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 31.3.24
£
456,964
23,313
5,184
4,038
3,311
3,908
-
855
1,488
499,061
Governance
Other
costs
£
£
1,247
-
12,182
2,350
13,429
2,350
31.3.24
£
1,488		 31.3.23
£
411,613
20,628
4,465
3,702
2,801
3,376
50
1,041
1,550		 31.3.23
£
411,613
20,628
4,465
3,702
2,801
3,376
50
1,041
1,550
449,226
Totals
£
1,247
14,532
15,779
31.3.23
£
1,550		 Totals
£
1,247
14,532
15,779

10. TRUSTEES' REMUNERATION AND BENEFITS

During the year one of the charities trustees was remunerated through their employment as a member of key personnel and management.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Nursery staff		 31.3.24
£
432,918
18,332
5,714
456,964
31.3.24
29		 31.3.23
£
391,122
15,384
5,107
411,613
31.3.23
27

Nursery staff

continued...

Page 11

Keighley Community Nursery Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

11. STAFF COSTS - continued

No employees received emoluments in excess of £60,000.

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
1,936
Charitable activities
Charitable activities
252,995
Nursery Fees
228,991
Other trading activities
3,306
Total
487,228
EXPENDITURE ON
Raising funds
353
Charitable activities
Charitable activities
461,417
Other
1,984
Total
463,754
NET INCOME/(EXPENDITURE)
23,474
RECONCILIATION OF FUNDS
Total funds brought forward
127,160
TOTAL FUNDS CARRIED FORWARD
150,634		 Restricted
funds
£
-
1,084
-
-
1,084
-
1,097
-
1,097
(13)
38
25		 Total
funds
£
1,936
254,079
228,991
3,306
488,312
353
462,514
1,984
464,851
23,461
127,198
150,659

continued...

Page 12

Keighley Community Nursery Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

13. TANGIBLE FIXED ASSETS

Improvements
to
property
£
COST
At 1 April 2023
11,621
Additions
-
At 31 March 2024
11,621
DEPRECIATION
At 1 April 2023
7,238
Charge for year
657
At 31 March 2024
7,895
NET BOOK VALUE
At 31 March 2024
3,726
At 31 March 2023
4,383
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments & accrued income
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Accrued expenses
16.
MOVEMENT IN FUNDS
At 1.4.23
£
Unrestricted funds
General fund
150,634
Restricted funds
OFSTED fund
25
TOTAL FUNDS
150,659		 Fixtures
and
fittings
£
51,097
998
52,095
48,757
831
49,588
2,507
2,340
31.3.24
£
17,864
1,332
19,196
31.3.24
£
4,563
5,753
1,920
12,236
Net
movement
in funds
£
21,874
(4)
21,870		 Totals
£
62,718
998
63,716
55,995
1,488
57,483
6,233
6,723
31.3.23
£
14,838
459
15,297
31.3.23
£
2,145
1,463
1,800
5,408
At
31.3.24
£
172,508
21		 Totals
£
62,718
998
63,716
55,995
1,488
57,483
6,233
6,723
172,529

continued...

Page 13

Keighley Community Nursery Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
OFSTED fund
Milk Grant
TOTAL FUNDS		 Incoming
resources
£
535,838
-
1,132
1,132
536,970		 Resources
Movement
expended
in funds
£
£
(513,964)
21,874
(4)
(4)
(1,132)
-
(1,136)
(4)
(515,100)
21,870

Comparatives for movement in funds

At 1.4.22
£
Unrestricted funds
General fund
127,160
Restricted funds
OFSTED fund
38
TOTAL FUNDS
127,198
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
487,228
Restricted funds
OFSTED fund
-
Milk Grant
1,084
1,084
TOTAL FUNDS
488,312		 Net
movement
At
in funds
31.3.23
£
£
23,474
150,634
(13)
25
23,461
150,659
Resources
Movement
expended
in funds
£
£
(463,754)
23,474
(13)
(13)
(1,084)
-
(1,097)
(13)
(464,851)
23,461

continued...

Page 14

Keighley Community Nursery Ltd.

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.4.22 in funds 31.3.24
£ £ £
Unrestricted funds
General fund 127,160 45,348 172,508
Restricted funds
OFSTED fund 38 (17) 21
TOTAL FUNDS 127,198 45,331 172,529
A current year 12 months and prior year 12 months combined net movement in funds, included in the above
as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,023,066 (977,718) 45,348
Restricted funds
OFSTED fund - (17) (17)
Milk Grant 2,216 (2,216) -
2,216 (2,233) (17)
TOTAL FUNDS 1,025,282 (979,951) 45,331

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

The restricted fund represents assets that were acquired with a grant from OFSTED. The grant was only to be spent on things that would improve the nurseries facilities and staff training for the nursery to gain a better OFSTED inspection result in the future. These assets are being depreciated over their useful life.

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

Page 15

Keighley Community Nursery Ltd.

Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
31.3.24 31.3.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations and other income 1,570 1,936
Other trading activities
Fundraising 805 3,306
Charitable activities
Fees 283,359 228,991
Grants 251,236 254,079
534,595 483,070
Total incoming resources 536,970 488,312
EXPENDITURE
Raising donations and legacies
Publicity - 70
Fundraising costs 260 283
260 353
Charitable activities
Wages 432,918 391,122
National insurance 18,332 15,384
Pensions 5,714 5,107
Nursery supplies and food 23,313 20,628
Repair and refurbishment 5,184 4,465
Sundries 4,038 3,702
Cleaning costs 3,311 2,801
Telephone, stationery and office 3,908 3,376
Minibus expenses - 50
Bad debts 855 1,041
Improvements to property 657 773
Fixtures and fittings 831 777
499,061 449,226
Support costs
Other
Insurance 1,658 1,952
Premises costs 9,095 8,266
Recruitment & training 1,695 1,984
Bank charges 981 985
13,429 13,187

This page does not form part of the statutory financial statements

Page 16

Keighley Community Nursery Ltd.

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

31.3.24 31.3.23
£ £
Other
Governance costs
Accountancy and legal fees 2,040 1,890
Legal fees 310 195
2,350 2,085
Total resources expended 515,100 464,851
Net income 21,870 23,461

This page does not form part of the statutory financial statements

Page 17